Credit Union Approved to Acquire Bank
The acquisition of the $21 million Flint River National Bank in Camilla, Ga., by the $258 million Five Star Credit Union in Dothan, Ala., was approved Wednesday by NCUA, said Robert A. Steensma, president/CEO of Five Star CU.
“We’re happy to have received approval of the NCUA, the fifth and final regulator,” Steensma said. “We are planning to assume the bank June 1, and we plan to do the operational conversion this weekend as well.”
The 24,865-member credit union has already secured its community charter to serve Mitchell County, Ga., which will enable Flint River National Bank customers to automatically become Five Star CU members, Steensma said.
The bank’s five employees will retain their positions.
The Five Star CU/Flint National Bank deal will represent the fifth acquisition of a credit union acquiring a bank over the last two years.
Other acquisition deals included:
- The $2.1 billion Landmark Credit Union in New Berlin, Wis., purchased the $190 million Hartford Savings Bank in 2013.
- The $1.2 billion Municipal Employees Credit Union in Baltimore acquired the $62 million Advance Mutual Savings Bank in Baltimore in 2013.
- The $1.5 billion United Federal Credit Union in St. Joseph, Mich., purchased Griffith Savings Bank in 2012.
- The $352 million GFA Federal Credit Union of Gardner, Mass., bought Monadnock Community Bank in 2012.